The Middle East to Witness Considerable Growth in the Lycopene Market

Introduction

Rising consumer awareness regarding personal health and care due to increasing internet penetration and surging use of social media bolsters market growth. The consumers are inclining towards online shopping for free home-delivery and massive discounts, which is further offering lucrative opportunities for the market players. Independent living, high brand engagement through social media, and attractive packaging provides an impetus to the market growth. Apart from this, the Middle East is projected to witness considerable growth on account of the rapid economic development and presence of manufacturers of lycopene in the region.

Impact of COVID-19

Coronavirus has compelled the global economies to impose a nationwide lockdown. Most of the global multinationals are downsizing to sustain in the current situation. This is likely to have a negative impact on consumer spending, leading to lower consumption of various cosmetic products. However, dietary supplements and pharmaceutical sales are expected to increase, owing to the heightened sense of personal care.

 

Competitive Players

1. Lycored
2. DSM
3. Allied Biotech Corporation
4. Wellgreen Technology Co. Ltd.
5. San-Ei Gen F.F.I., Inc
6. Dangshang Sannuo Limited 
7. DDW, Döhler
8. Vidya Herbs
9. Shaanxi Kingsci Biotechnology Co. Ltd.
10. Hunan Sunshine Bio-Tech Co.Ltd.
11. SV AgroFoods
12. Plamed Green Science Group
13. Xi'an Natural Field Bio-Technology Co., Ltd.
14. Zhejiang NHU CO. Ltd.

Recent Developments

• June 2024- dsm-firmenich, a company known for its advancements in the fields of nutrition, health, and beauty, has made an announcement regarding the sale of its yeast extract business, known as Yeast Extracts, to Lesaffre. Lesaffre is a prominent global leader in the fields of fermentation and micro-organisms.
• February 2024- DSM-Firmenich intends to separate and establish its animal nutrition and health (ANH) unit as an independent entity.

Segmentation

1. By Source
   1.  Synthetic
   2. Organic
2. By Form
   1. Powder
   2. Oil Suspension
3. By Application
   1. Pharmaceuticals
   2. Nutraceuticals
   3. Food & Beverages
   4. Others